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Australian (ASX) Gold Industry Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies151
  • 7D8.3%
  • 3M24.6%
  • 1Y116.7%
  • YTDn/a

The Gold industry is up 8.3% in the last week, with Evolution Mining up 9.8%. This means that the industry has gained 117% over the past year. Earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Feb 2026AU$191.1bAU$29.6bAU$5.8b25.4x32.9x6.5x
Sat, 24 Jan 2026AU$187.1bAU$26.3bAU$4.6b29.4x41x7.1x
Mon, 22 Dec 2025AU$160.2bAU$26.4bAU$4.6b27.5x35x6.1x
Wed, 19 Nov 2025AU$141.3bAU$26.5bAU$4.6b23.1x30.6x5.3x
Fri, 17 Oct 2025AU$152.3bAU$26.4bAU$4.6b25.5x33.2x5.8x
Sun, 14 Sep 2025AU$129.2bAU$26.8bAU$4.8b18.1x26.8x4.8x
Tue, 12 Aug 2025AU$103.0bAU$22.4bAU$3.2b19.4x32.3x4.6x
Thu, 10 Jul 2025AU$96.0bAU$22.4bAU$3.1b16.7x30.7x4.3x
Sat, 07 Jun 2025AU$107.6bAU$22.3bAU$3.1b21.4x34.9x4.8x
Mon, 05 May 2025AU$90.8bAU$22.1bAU$3.0b16.6x30.1x4.1x
Wed, 02 Apr 2025AU$86.4bAU$22.2bAU$3.0b17.3x28.6x3.9x
Fri, 28 Feb 2025AU$78.1bAU$21.5bAU$3.0b19.7x26.3x3.6x
Sun, 26 Jan 2025AU$77.6bAU$18.6bAU$1.8b20.1x42.7x4.2x
Tue, 24 Dec 2024AU$70.4bAU$18.6bAU$1.8b21.7x38.2x3.8x
Thu, 21 Nov 2024AU$72.1bAU$18.6bAU$1.8b19.3x40x3.9x
Sat, 19 Oct 2024AU$75.3bAU$18.4bAU$1.8b22.7x42x4.1x
Mon, 16 Sep 2024AU$67.1bAU$18.3bAU$1.6b21x40.8x3.7x
Wed, 14 Aug 2024AU$61.6bAU$16.1bAU$1.1b23.9x55.9x3.8x
Fri, 12 Jul 2024AU$58.9bAU$16.0bAU$1.1b22.5x55x3.7x
Sun, 09 Jun 2024AU$60.3bAU$16.9bAU$1.2b22.1x50.8x3.6x
Tue, 07 May 2024AU$56.8bAU$17.1bAU$1.2b20.4x47.8x3.3x
Thu, 04 Apr 2024AU$56.9bAU$17.2bAU$1.2b20.7x47.5x3.3x
Sat, 02 Mar 2024AU$48.6bAU$16.5bAU$1.2b15.8x41.5x3x
Mon, 29 Jan 2024AU$72.4bAU$22.9bAU$1.3b23.3x53.9x3.2x
Wed, 27 Dec 2023AU$76.5bAU$22.9bAU$1.3b26.6x56.9x3.3x
Fri, 24 Nov 2023AU$71.2bAU$22.9bAU$1.4b21.5x52.7x3.1x
Sun, 22 Oct 2023AU$72.0bAU$23.1bAU$1.4b24.9x52.3x3.1x
Tue, 19 Sep 2023AU$69.9bAU$22.9bAU$1.3b19.4x52.8x3.1x
Thu, 17 Aug 2023AU$66.8bAU$22.4bAU$454.9m17.6x146.8x3x
Sat, 15 Jul 2023AU$75.2bAU$22.1bAU$513.1m17.6x146.6x3.4x
Mon, 12 Jun 2023AU$71.2bAU$22.2bAU$563.8m17x126.3x3.2x
Wed, 10 May 2023AU$76.9bAU$22.2bAU$561.2m19.4x137.1x3.5x
Fri, 07 Apr 2023AU$74.3bAU$22.3bAU$562.3m17.1x132.2x3.3x
Sun, 05 Mar 2023AU$63.8bAU$22.2bAU$588.6m17.7x108.3x2.9x
Price to Earnings Ratio

108.3x


Total Market Cap: AU$63.8bTotal Earnings: AU$588.6mTotal Revenue: AU$22.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 61.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 32.9x which is lower than its 3-year average PE of 61.4x.
  • The 3-year average PS ratio of 4.0x is lower than the industry's current PS ratio of 6.5x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 114% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market1.42%
Materials6.53%
Metals and Mining7.07%
Gold8.27%
Silver11.67%
Copper7.60%
Diversified Metals and Mining7.39%
Precious Metals and Minerals4.13%
Steel3.41%
Aluminum-5.15%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EVN Evolution MiningAU$16.409.8%
+AU$3.0b		160.3%PE25.1x
NST Northern Star ResourcesAU$29.624.4%
+AU$1.8b		68.3%PE27.4x
RRL Regis ResourcesAU$9.269.7%
+AU$620.9m		182.3%PE14.3x
WGX Westgold ResourcesAU$7.637.2%
+AU$481.8m		206.4%PE207.4x
GGP Greatland ResourcesAU$13.495.4%
+AU$464.3m		n/aPE14.1x

Latest News

EMR
AU$6.94
Emerald Resources
7D
7.6%
1Y
74.4%
PNR
AU$5.75
Pantoro Gold
7D
18.1%
1Y
141.6%
WGX
AU$7.63
Westgold Resources
7D
7.2%
1Y
206.4%
GGP
AU$13.49
Greatland Resources
7D
5.4%
1Y
n/a
EVN
AU$16.40
Evolution Mining
7D
9.8%
1Y
160.3%

EVN: Higher Commodity Assumptions Will Likely Fail To Justify Elevated Pricing

Narrative Update Overview The updated analyst work on Evolution Mining lifts the fair value estimate from A$12.63 to A$13.17, reflecting higher commodity price assumptions and refreshed models that have also seen Street price targets move higher into the A$11.50 to A$13.75 range. Analyst Commentary Recent updates from covering analysts show a mixed but constructive setup for Evolution Mining, with higher price targets on the back of refreshed commodity price decks and valuation work.
WAF
AU$3.53
West African Resources
7D
-1.9%
1Y
101.1%

WAF: Speculative Buy Stance Will Support Higher Fair Value Despite Execution Risk

Analysts have lifted their fair value estimate for West African Resources from A$3.20 to A$4.70, citing updated views on revenue growth, profit margins and future P/E assumptions following recent Speculative Buy research coverage. Analyst Commentary Analysts lifting their fair value estimate to A$4.70 reflects updated assumptions around revenue, margins and P/E settings, but not everyone is leaning in the same direction.
RRL
AU$9.26
Regis Resources
7D
9.7%
1Y
182.3%
NST
AU$29.62
Northern Star Resources
7D
4.4%
1Y
68.3%

NST: Higher Commodity Assumptions Will Likely Sustain Overvaluation Risk For Shares

Narrative update on Northern Star Resources Analysts have lifted their price target on Northern Star Resources to A$35 from A$30, citing updated long term commodity price assumptions for gold and other metals, a slightly higher discount rate, modestly lower revenue growth and margin forecasts, and a lower assumed future P/E multiple that together support a refreshed fair value estimate of about A$18.33. Analyst Commentary The latest target price revision to A$35 follows changes to long term assumptions for several commodities, including gold.
AAR
AU$0.26
Astral Resources
7D
-1.9%
1Y
92.6%
VAU
AU$5.80
Vault Minerals
7D
6.6%
1Y
123.1%
TM1
AU$0.41
Terra Metals
7D
-3.6%
1Y
1,250.0%
GPR
AU$0.051
Geopacific Resources
7D
-5.6%
1Y
155.0%

We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn

Jan 02
We're Not Worried About Geopacific Resources' (ASX:GPR) Cash Burn
HAW
AU$0.11
Hawthorn Resources
7D
-15.4%
1Y
144.4%

We're Interested To See How Hawthorn Resources (ASX:HAW) Uses Its Cash Hoard To Grow

Dec 16
We're Interested To See How Hawthorn Resources (ASX:HAW) Uses Its Cash Hoard To Grow
TBR
AU$6.25
Tribune Resources
7D
-3.0%
1Y
28.6%
TOK
AU$1.30
Tolu Minerals
7D
-3.7%
1Y
58.5%
TAM
AU$0.09
Tanami Gold
7D
-7.2%
1Y
210.3%